NNPC Ends N24tn Fuel Import, Turns to Dangote Refinery
Written by Olakunle Oke on November 12, 2024
The Nigerian National Petroleum Company Limited (NNPCL) has announced the cessation of N24 trillion fuel imports, opting instead to source petroleum products from the newly operational Dangote Refinery.
Key Highlights:
– NNPCL ends fuel importation after 66 years
– Dangote Refinery to supply 650,000 barrels per day
– Local refining capacity increases to 1.1 million barrels per day
– Estimated annual savings of N12 trillion
Benefits:
– Reduced foreign exchange expenditure
– Increased domestic refining capacity
– Improved energy security
– Boost to local economy
Expert Insights:
Analysts praise the strategic move, citing:
– Reduced dependence on foreign imports
– Increased self-sufficiency
– Potential job creation
– Economic growth stimulation
Dangote Refinery’s Impact:
The refinery’s 650,000 barrels-per-day production capacity is expected to:
– Meet 100% of Nigeria’s petrol needs
– Supply neighboring countries
– Generate $2.4 billion annual revenue
NNPCL’s decision marks a significant shift towards domestic fuel production, leveraging Dangote Refinery’s capacity to drive economic growth and energy security in Nigeria.
